VERO BEACH, Fla., March 08, 2017 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE:ORC) announced today that the Board of Directors declared a monthly cash dividend for the month of March 2017. The dividend of $0.14 per share will be paid April 10, 2017, to holders of record on March 31, 2017, with an ex-dividend date of March 29, 2017.

The Company intends to make regular monthly cash distributions to its stockholders. In order to qualify as a real estate investment trust (“REIT”), the Company must distribute annually to its stockholders an amount at least equal to 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain. The Company will be subject to income tax on taxable income that is not distributed and to an excise tax to the extent that a certain percentage of its taxable income is not distributed by specified dates. The Company has not established a minimum distribution payment level and is not assured of its ability to make distributions to stockholders in the future.

As of March 8, 2017, the Company had 32,964,547 shares outstanding, the same number of shares outstanding as of January 31, 2016. At December 31, 2016, the Company had 32,962,919 shares outstanding.

RMBS Portfolio Characteristics

Details of the RMBS portfolio as of February 28, 2017 are presented below. These figures are preliminary and subject to change. The information contained herein is an intra-quarter update created by the Company based upon information that the Company believes is accurate:

RMBS Valuation Characteristics

RMBS Assets by Agency

Investment Company Act of 1940 (Whole Pool) Test Results

Repurchase Agreement Exposure by Counterparty

RMBS Risk Measures

About Orchid Island Capital, Inc.

Orchid Island Capital, Inc. is a specialty finance company that invests in Agency RMBS that are either traditional pass-through Agency RMBS or structured Agency RMBS. Orchid Island Capital, Inc. has elected to be taxed as a REIT for federal income tax purposes.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions and the expected funding of purchased assets and anticipated borrowings. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Form 10-K for the year ended December 31, 2016.

RMBS Valuation Characteristics

($ in thousands)

Percentage

Weighted

Realized

Current

Fair

Current

of

Average

Feb 2017 CPR

Asset Category

Face

Value(1)

Price

Portfolio

Coupon

(Reported in Mar)

As of February 28, 2017

Adjustable Rate RMBS

$

1,919

$

2,038

106.23

0.06

%

3.50

%

38.32

%

10-1 Hybrid Rate RMBS

42,872

43,961

102.54

1.35

%

2.55

%

3.88

%

Hybrid Adjustable Rate RMBS

42,872

43,961

102.54

1.35

%

2.55

%

3.88

%

15 Year Fixed Rate RMBS

82,190

85,642

104.20

2.62

%

3.28

%

11.02

%

20 Year Fixed Rate RMBS

239,367

255,317

106.66

7.81

%

4.00

%

6.56

%

30 Year Fixed Rate RMBS

2,546,113

2,735,250

107.43

83.72

%

4.34

%

4.67

%

Total Fixed Rate RMBS

2,867,670

3,076,209

107.27

94.15

%

4.28

%

5.01

%

Total Pass-through RMBS

2,912,461

3,122,208

107.20

95.56

%

4.26

%

5.01

%

Interest-Only Securities

760,594

96,829

12.73

2.96

%

3.71

%

10.72

%

Inverse Interest-Only Securities

246,589

48,328

19.60

1.48

%

5.45

%

10.52

%

Structured RMBS

1,007,183

145,157

14.41

4.44

%

4.29

%

10.67

%

Total Mortgage Assets

$

3,919,644

$

3,267,365

100.00

%

4.26

%

6.42

%

RMBS Assets by Agency

Investment Company Act of 1940 Whole Pool Test

($ in thousands)

($ in thousands)

Percentage

Percentage

Fair

of

Fair

of

Asset Category

Value(1)

Portfolio

Asset Category

Value(1)

Portfolio

As of February 28, 2017

As of February 28, 2017

Fannie Mae

$

2,342,633

71.7

%

Whole Pool Assets

$

2,837,920

86.9

%

Freddie Mac

915,919

28.0

%

Non Whole Pool Assets

429,445

13.1

%

Ginnie Mae

8,813

0.3

%

Total Mortgage Assets

$

3,267,365

100.0

%

Total Mortgage Assets

$

3,267,365

100.0

%

(1) Amounts in the tables above include assets with a fair value of approximately $7.8 million purchased in February 2017 which settle in March 2017.

Borrowings By Counterparty

($ in thousands)

Weighted

% of

Average

Total

Total

Maturity

Longest

As of February 28, 2017

Borrowings(1)

Debt

in Days

Maturity

Citigroup Global Markets Inc

$

292,372

9.6

%

18

5/30/2017

J.P. Morgan Securities LLC

280,492

9.2

%

13

3/17/2017

Wells Fargo Bank, N.A.

248,598

8.2

%

11

3/13/2017

ICBC Financial Services LLC

244,580

8.0

%

12

3/15/2017

RBC Capital Markets, LLC

233,901

7.7

%

13

3/13/2017

Cantor Fitzgerald & Co

228,962

7.5

%

46

4/21/2017

Mitsubishi UFJ Securities (USA), Inc

207,296

6.8

%

46

4/17/2017

South Street Securities, LLC

174,672

5.7

%

7

3/21/2017

ED&F Man Capital Markets Inc

154,916

5.1

%

36

5/24/2017

Goldman, Sachs & Co

150,764

5.0

%

13

3/23/2017

Merrill Lynch, Pierce, Fenner & Smith Incorporated

150,682

5.0

%

25

5/1/2017

KGS-Alpha Capital Markets, L.P

146,357

4.8

%

23

5/25/2017

Guggenheim Securities, LLC

145,913

4.8

%

10

3/14/2017

Daiwa Securities America Inc.

124,801

4.1

%

13

3/20/2017

Natixis, New York Branch

87,219

2.9

%

8

3/17/2017

Nomura Securities International, Inc.

69,891

2.3

%

22

3/29/2017

FHLB-Cincinnati

54,245

1.8

%

1

3/1/2017

Mizuho Securities USA, Inc

45,645

1.5

%

12

3/14/2017

Total Borrowings

$

3,041,306

100.0

%

20

5/30/2017

(1) In February 2017, the Company purchased assets with a fair value of approximately $7.8 million which settle in March 2017 that are expected to be funded by repurchase agreements. These anticipated borrowings are not included in the table above.